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A company uses Dynamics 36S Finance. The company is based in the United States and sells a product online. The product is shipped to the United States, Canada, and Mexico. The product is sourced from Brazil
Legal entities must be set up for each country/region. One ledger account must be used to track sales tax payable. You need to configure the system to track Use Tax.
Which two parameters should you configure? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
Suggested Answer: A, D
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11 comments · newest first
CO
Cortney
11 months ago
Totally agree, tracking Use Tax is crucial for compliance!
QU
Quentin
11 months ago
Wait, why would we need a sales tax code for Brazil if we're selling in the U.S.?
HA
Hannah
12 months ago
A single sales tax code for the U.S. seems too simple for this setup.
FA
Farrah
12 months ago
I think a taxation rule is also essential here.
TI
Tish
1 year ago
You definitely need a tax code for each legal entity.
BA
Barbra
1 year ago
I don't think a single sales tax code for Brazil is necessary since the product is sourced from there but sold in the U.S. It feels off to me.
GA
Gail
1 year ago
I feel like we practiced a similar question where we had to choose between different tax codes. I think a single sales tax code for the U.S. could be a good option.
MA
Malcolm
1 year ago
I'm a bit unsure about the taxation rule. I think it might be relevant, but I can't recall if we specifically covered it for Use Tax.
SE
Sena
1 year ago
I remember we discussed the importance of having a tax code for each legal entity during our study sessions. It seems like a logical choice here.
TE
Terina
1 year ago
I've got a strategy - I'll eliminate the options that don't seem to fit, then choose the two that are left.
SE
Serina
1 year ago
I don't quite remember the details of calculating a compensating balance. Would that really be an optimal choice over the other options?